China's yuan falls over 1pc for first time after band widened

HONG KONG: China's yuan fell more than 1 percent against the dollar on Wednesday, the first time it has fallen by such a margin, after the daily trading band was widened.

The yuan opened at 6.1940 per dollar, 20 pips weaker than Tuesday's close of 6.1920. It quickly hit 6.1965 in monring trade.

The People's Bank of China (PBOC) on Saturday doubled the yuan's daily trading range to enable it to rise or fall 2 percent around the daily mid-point rate, an important step to make the "redback" finally fully convertible.